Author Topic: Quick Update...(one for the oldies)  (Read 3725 times)

Threepwood

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Quick Update...(one for the oldies)
« on: April 07, 2015, 10:29:36 am »
From the Fraud Office:


"Fraud Cases: Arboretum Sports (UK) Limited

 
Arboretum Sports (UK) Limited went into liquidation in December 2007. The company, which claimed to be an Arbitrage gambling scheme, is alleged to have been a Ponzi fraud scheme.


The Serious Fraud Office and Hampshire Police’s Serious and Organised Crime Group initially focused their attentions on David Gerald Dixon, who controlled the company and fled to the Far East to escape custody.

 
Mr Dixon has now been arrested by warrant and charged with thirteen multi-million pound fraud-related charges, comprising:


    Four charges of contravening the general prohibition on carrying on a regulated activity contrary to sections 19 and 23 of the Financial Services and Markets Act 2000
    Dishonestly concealing a material fact, contrary to section 397(1) and (2) of the Financial Services and Markets Act 2000
    Three charges of making a statement, promise or forecast known to be materially misleading, false or deceptive, contrary to section 391(1) and (2) of the Financial Services and Markets Act 2000
    Fraud by false representation, contrary to section 1(1) and section (2) of the Fraud Act 2006
    Two charges of converting criminal property, contrary to section 327(1)(c) of the Proceeds of Crime Act 2002
    Removing criminal property, contrary to section 327(1)(e) of the Proceeds of Crime Act 2002
    Fraudulent trading, contrary to section 993(1) of the Companies Act 2006

 

His trial begins on 23 March, 2015 at Southwark Crown Court."




Basingstoke Gazette:

David Gerald Dixon from Basingstoke suspected of scamming 650 people out of millions of pounds in Ponzi scheme


 "A BASINGSTOKE man faces trial for 13 multi-million pound fraud-related charges after allegedly scamming around 650 people.

David Gerald Dixon remains in custody after appearing at Southwark Crown Court on October 9 for a preliminary hearing.

Dixon was a suspect in a joint investigation by the Serious Fraud Office and Hampshire Constabu-lary following the collapse of Arboretum Sports (UK) Limited, which went into liquidation in 2007.

The 49-year-old will face trial for various fraud related charges, including fraudulent trading, removing criminal property and dishonestly concealing a material fact – offences which allegedly took place between January 2004 and December 2010.

It is alleged that Dixon’s business, under the guise of an Arbitrage gambling scheme, was in fact a Ponzi Fraud where the operator pays returns to its investors from new capital paid by new investors, rather than from profit earned.

Dixon is due to face trial in March. "



And then this...

David Dixon, originally from Basingstoke, pleads guilty to selling fake shares and running a false betting scheme



 A FORMER Basingstoke man has admitted conning investors out of an estimated £4 million by selling fake shares and running a false betting scheme.

David Dixon, 49, persuaded buyers that shares in his company, Arboretum Sports, which once had an office in Chineham, would be worth more than £3 million by 2009.

Between 2004 and 2007, he also represented the company as a betting organisation, but it worked as a so-called Ponzi scheme - where investors are paid with other investors' cash, not profits.

Prosecutor John Hardy QC, told London's Southwark Crown Court that Dixon had taken around £4 million through the schemes.

Dixon further pleaded guilty to falsely promising investors they were buying shares in a casino being built in Singapore associated with MGM Mirage, between 2005 and 2007.

Fake shares in the famous Las Vegas casino brand were also sold by Dixon between 2004 and 2007. He then took more money from his victims by claiming additional funds were required to meet the full costs of the scheme.

Dixon admitted one count of dishonestly concealing a material fact, three counts counts of making a statement, promise or forecast known to be misleading, false or deceptive, and one count of fraud by false representation.

Originally of Basingstoke, Dixon was extradited from Malaysia, following a joint investigation between the Serious Fraud Office and Hampshire Constabulary. He has been remanded in custody since and will appear for sentencing on April 22



BrianB

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Re: Quick Update...(one for the oldies)
« Reply #1 on: April 07, 2015, 02:53:56 pm »
Thanks for the update Threep. A lot of local people lost their life savings on this scheme. One or two even lost their homes.

I suppose the old saying "If it sounds too good to be true..." applies.

BrianB

Threepwood

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Re: Quick Update...(one for the oldies)
« Reply #2 on: April 07, 2015, 10:19:11 pm »
Well, it was sad that so many lost so much. It was originally estimated that he'd had it away on his toes with between £11 and £14 million. He seems to have put his hands up to only £4 mil. Maybe the rest was either too hard to find, or too difficult to prove. Whatever, the little sh1t should go down for a bit. (I'd be surprised if he didn't).

As to the 'victims'? Well, sadly it was down to naked greed. Not just Dixons, but his so called 'investors' as well. That often seems to be the way with 'Ponzis'.